249: Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023

Real Estate Rookie

BiggerPockets

How To, Education, Entrepreneurship, Investing, Business

4.7 • 1.8K Ratings

🗓️ 4 January 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

You want to start a real estate business. The cash flow is calling, and whether you’re looking to build passive income, escape the nine-to-five grind, or set yourself up for early retirement, rental property investing is a smart move to make. But, most real estate investors get it all wrong when building their rental property portfolios. They focus on scaling as fast as possible without building the systems to support a thriving business, leaving them burnt out and tired of the real estate game within only a few years. Successful real estate investors like Ashley and Tony know that the key to building an unstoppable, profitable, and enjoyable real estate business is simple. To scale, you need to track, budget, outsource, and minimize the time it takes you to bring home the same amount of bacon every day. Of course, this is easier said than done, and many investors go through a lengthy process of trial and error to get there. But you don’t have to. On today’s show, Ashley will walk through the exact things you need to start, scale, and grow a real estate business. You’ll learn how to track time so you can spend less of your day working, the two most important financial statements you need, budgeting for a business, outsourcing tasks, taking advantage of software, and the apps Ashley and Tony use every day. Want to know more about building a passive-income-generating real estate portfolio? Check out Ashley’s new book Real Estate Rookie: 90 Days To Your First Investment! In This Episode We Cover The step-by-step process to start investing in real estate (even if you have NO experience) Why tracking your time is crucial if you want to grow and scale your real estate business The two most important financial statements every investor MUST know Budgeting for a rental property and how much to keep in emergency reserves for your properties Separating finances and why every investor needs different bank accounts, credit cards, and more Outsourcing repeatable tasks and the tradeoff when hiring virtual workers The best real estate software and apps you should try today And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Airbnb AppFolio Asana Avail BiggerPockets BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Calculator BiggerPockets Pro Buildium Google Voice Google Tasks Guesty Hospitable Hostfully Invelo Jamil Damji's Instagram Loom MileIq Monday.com OwnerRez On The Market Podcast Personal Capital Propstream Punch Lists App Quickbooks Real Estate Rookie Facebook Group RentRedi Stessa Time by Quickbooks Connect with Ashley and Tony: Ashley's Instagram Ashley's BiggerPockets Profile Tony's Instagram Tony's BiggerPockets Profile Check the full show notes here: https://www.biggerpockets.com/blog/rookie-249 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 249er. You have an LLC or a corporation 100% you have to keep
0:09.7	it separate because there else you're piercing that corporate veil that opens you up to liability.
0:15.1	If you get sued someone can say well yeah even though this property is owned by an LLC the rental
0:20.4	incomes are going into Tony Robinson's personal account and that you know opens you up to a lot of
0:26.1	liability where if you have the property in your personal name you can
0:31.4	pull mingle those funds by having it in the personal account that you do and you just have to
0:36.3	track which ones are for business which ones are for personal. My name is Ashley Care and I'm
0:41.2	here with my co-host Tony Robinson. And welcome to the real estate rookie podcast where every week
0:46.0	twice a week we give you the inspiration motivation and stories you need to hear to kids are
0:50.2	your investing journey and today I want to give a shout out to someone from the rookie audience who
0:54.1	left us a five-star review and Apple podcast goes by the username Justin G419 Justin says I feel like
1:00.8	I finally found a real estate podcast that puts so many questions I have into perspective this is
1:06.4	a business I feel passionate about jumping into in this podcast makes me feel like I can take this
1:10.8	journey beyond just living comfortably just and we appreciate you and if we haven't yet let us
1:15.7	in honest rating review please do more views are good more people can help and that's always the goal
1:20.8	here. So we are live in Phoenix, Arizona right now we are with our production crew in an
1:28.0	Airbnb and last night we just did a meetup with over 200 investors from the Phoenix area and we
1:36.4	actually had a couple people that flew in so we interviewed Alexandra who flew in from Fort Lauderdale
1:42.8	and then we met a couple that came from Ohio. Nick and Alexis flew in from Ohio we appreciate
1:49.1	you guys I'm on another couple that flew in from California Charles and Leely so just so many great
1:54.6	people that like flew out just to come to this meetup it was it was such a crazy cool experience so
1:59.6	if you guys want this to keep happening we're trying it for persuade the BP team to keep this
	...

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